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Interleukin Genetics' Q1 Fall 30 Percent

NEW YORK (GenomeWeb News) – Interleukin Genetics reported yesterday that its first-quarter revenues declined 30 percent and its net loss rose 32 percent, as its consumer product sales and contract research revenue fell.

The Waltham, Mass.-based genetic test maker brought in total revenues of $1.9 million, down from $2.7 million. Its consumer products sales fell to $1.5 million from $2 million year over year, while its contract research revenues were $203,687 versus $537,013 the year before. The firm's genetic testing service revenue increased to $137,511 from $101,752.

Interleukin's net loss grew to $2.5 million, or $.08 per share, from $1.9 million, or $.06 per share.

Its R&D expenses increased to $881,556 from $813,371, while its SG&A spending declined to around $2 million from $2.1 million.

Interleukin finished the quarter with cash and cash equivalents of $1.7 million.

"Looking ahead to the rest of the year, we are preparing to launch our own genetic test brand, and continue to hold discussions with companies regarding partnering opportunities for our various programs, products, intellectual property and genetic biomarker expertise," Interleukin CEO Lewis Bender said in a statement.

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